South Korean cryptocrash boss Do Kwon extradited to US

South Korean cryptocurrency entrepreneur Do Kwon will probably be extradited to the US from Montenegro because of the collapse of two digital tokens – TerraUSD and Luna tokens.

For months, the US and South Korea have sought Kwon’s extradition, alleging that the fraud led to the chapter of the corporate behind the tokens, which price some $40 billion (31, 7 billion) to buyers and shook international crypto markets.

Montenegro doesn’t have extradition treaties with the US or South Korea, so the case needed to go to court docket.

This determination marks the tip of greater than 18 months of choices and reversals.

“The Minister of Justice, Bojan Bozovic, has issued a call approving the extradition of the accused, Kwon Do Hyung, to the US of America,” the Ministry of Justice introduced in a press release.

“It has been concluded that almost all of the factors prescribed by regulation favor the request for extradition from the competent authorities of the US of America,” the assertion mentioned.

He added that Kwon had consented to being extradited to South Korea and the US.

In February, US regulators accused Kwon and his firm Terraform Labs of “orchestrating a multibillion-dollar crypto asset securities fraud.”

“We allege that Terraform and Do Kwon failed to offer full, truthful and truthful info to the general public as required by a large number of crypto asset securities, together with Luna and TerraUSD,” mentioned Gary Gensler, president of the US Securities and Trade Fee (SEC). mentioned in a press release on the time.

The US alleged that Kwon repeatedly claimed that the worth of the tokens would enhance and misled buyers concerning the stability of TerraUSD.

Regardless of billions in investments, TerraUSD and Luna entered a dying spiral in Could 2022.

This sparked a sell-off in different main cryptocurrencies, together with Bitcoin.

Kwon was arrested in March 2023 whereas attempting to board a flight to Dubai at Podgorica Airport in Montenegro’s capital.

In June 2023, he was sentenced to 4 months in jail in Montenegro for falsifying official paperwork.

Former Terraform Labs finance govt Hon Chang-joon was extradited to South Korea in February after serving 4 months in jail in Montenegro for fraud.